Stockland Corporation ends long running association with the former Nathan Plaza
It’s the end of an era after the long-term owner of Stockland Townsville sold its share in the popular shopping centre.
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Stockland Townsville Shopping Centre is expected to be renamed after its longstanding owner Stockland Corporation revealed it had sold its remaining stake in a letter to its retailers.
The shopping centre’s retailers received an email on Friday from Stockland’s Regional Asset Manager Fiona Papworth with the subject line “Agreement to sell Stockland Townsville”.
Ms Papworth said Stockland had agreed to sell its 50 per cent share of the Townsville shopping centre to the Haben Property Group – a private property fund manager.
“Settlement is expected later this month,” Ms Papworth said.
“We’re unable to provide any further details as the transaction is subject to confidentiality requirements but we’ll provide more information when we can.”
She said Stockland had been pleased to own and manage this great centre and to work with our valued retailers.
“Thank you for your ongoing partnership and commitment to our Stockland Townsville community,” she said.
A Stockland spokeswoman did not explain why Stockland had sold its 50 per cent interest in Stockland Townsville.
“Until settlement, which is expected later this month, we’re committed to continuing to manage the centre as we have always done, with a smooth transition to the new owner,” the spokeswoman said.
“It has been a pleasure to work with and for our valued retailers, customers and Townsville community.”
A Stockland retailer, who didn’t wish to be named, confirmed that they had received the memo and were waiting to hear more.
Stockland sold half its stake in the centre to wholesale shopping centre fund AMP Capital in 2014, which went on to sell its share to Haben in June for $115m.
Originally opening as Nathan Plaza in 1970, and undergoing a substantial $180m refurbishment in 2012, the dominant regional shopping centre has grown to encompass 45,000 square-metres, with over 150 stores and kiosks, anchored by major retailers Myer, Woolworths and Big W.
The property also features an additional 2.6ha of development land over two adjoining lots.
Haben National Marketing Manager Michelle Thomas said they were excited to acquire the remaining 50 per cent stake in Stockland Townsville, which was due to settle later this month.
“The location, strong customer amenity and population growth opportunities align with Haben’s vision and brings our total assets under management to 12 across the Eastern seaboard,” Ms Thomas said.
“Our immediate focus is to support our team on the ground, retailers and customers to ensure a smooth festive season.”
Originally published as Stockland Corporation ends long running association with the former Nathan Plaza
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